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Iamzz

An analyst observes that the marketprice of a call option is USD 5 higher than the theoretical price dictated byan option pricing model. Assuming the same strike price and time to expiration,what should be the relationship between the market price of a put option andits theoretical price dictated by the option pricing model?A. The market price will be higher than the theoretical price by USD 5.B. The market price will be higher than the theoretical price by an amountlower than USD 5.C. The market price will be lower than the theoretical price by USD 5.D. The market price will be lower than the theoretical price by an amountlower than USD 5.

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Correct answer is A
A is correct. Given the same strike price and time to expiration, option market prices that deviate from those dictated by the Black-Scholes model are going to deviate in the same amount whether they are for calls or puts.
B is incorrect. The deviation will be for the same amount, not a lower amount. Given the same strike price and time to expiration, option market prices that deviate from those dictated by the Black-Scholes model are going to deviate in the same amount whether they are for calls or puts.
C is incorrect. The market price will be higher, not lower than the theoretical price. Given the same strike price and time to expiration, option market prices that deviate from those dictated by the Black-Scholes model are going to deviate in the same amount whether they are for calls or puts.
D is incorrect. The market price will be higher, not lower than the theoretical price. Given the same strike price and time to expiration, option market prices that deviate from those dictated by the Black-Scholes model are going to deviate in the same amount whether they are for calls or puts.      
Assigned Reading:
John Hull, Options, Futures, and Other Derivatives, 6th ed. (New York: Prentice Hall, 2002), Chapter 16